Noonan says, “Validus believesthe Transatlantic board has repeat-edly failed to take the necessarysteps to secure greater value forTransatlantic stockholders andthat Validus’ superior proposal is abetter alternative for Transatlanticstockholders.” He adds, “…webelieve that Transatlantic stock-holders should elect a board thatwill act to do so.”Days before the planned Sept.
20 vote, Transatlantic and AlliedWorld announce they have endedtheir attempted merger in whatthey call a mutual settlement.

““Validus believes the Transatlantic board has repeatedly failed to
take the necessary steps
to secure greater value for
Transatlantic stockholders
and that Validus’ superior
proposal is a better alternative for Transatlantic stockholders.”

Validus CEO Ed Noonan

previously announced his retirement.

Following the announcement,
National Indemnity reinstates its
bid, but Transatlantic rejects it.

On Sept. 23, Validus and
Transatlantic agree to enter a confidentiality agreement with a limited
standstill provision that expires
Oct. 31. The companies also agree
to take no action on their lawsuits
against each other within that time-frame.

Transatlantic also says on Sept.
26 that it has entered a confidentiality agreement with an unnamed
third party.

The company says it currently
has confidentiality agreements with
Validus, National Indemnity and
the undisclosed third party.

American International
Group owned a majority stake in
Transatlantic until 2009, when AIG
sold its stake for over $1 billion
to help repay government bailout
funds.

To be continued… J

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Relax. We’ve been here before.

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